India’s edtech sector is entering its second act, one marked by an aggressive shift offline. After years of digital disruption, leading players are investing in physical centres to rebuild trust, improve outcomes, and achieve sustainable unit economics.
PhysicsWallah (PW), once a purely digital success story, is preparing a ₹3,480 crore IPO to fund offline expansion and acquisitions such as Utkarsh Classes, strengthening its reach in tier-II and tier-III cities. Meanwhile, UpGrad and Unacademy are reportedly in talks for a $300–400 million merger — a move that signals large-scale consolidation as both seek deeper offline footprints.
UpGrad has been expanding into physical learning centres and enterprise programs, while Unacademy, after restructuring for profitability, e